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| tangible products like books aand automobiles that we use to satisfy our wants and needs |
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| work that is performed for someone else |
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| resources necessary to produce goods and services |
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| all the gifts of nature that make production possible |
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| nation's labor force or human resources |
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| previously manufactured goods used to make other goods and services |
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| individuals who start new buisnesses, introduce new products, and improve management techniques |
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| total value, in dollars, of all the final goods and services produced in a country during a single year |
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| the quality of life based on the possesion of necessities and luxries that make life easier |
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| the markets where productive resources, and tips in exchange for their labor |
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| markets where producers offer goods and services for sale |
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| measure of the amount of output produced by a given amount of inputs in a specific period of time |
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| kes lace when people, buisnesses, and even coutries concentrate on goods and services that they can produce better than everybody |
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| breaking down of a job into separate, smaller tasks, which are performed by different workers |
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| we rely on others, and other rely on us, to provide the goods and services that we consume |
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| economic system in which private citizens own and usse the factors of production in order to seek a profit |
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| describes the American economy |
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| "king" or ruler of the market, the one who determines what products will be produced |
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| freedom to own and use, or dispose of, our own propery as we choose as long as we don't interfere with the rights of others |
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| struggle that goes on between buyers and sellers to get the best products at the lowest prices |
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| amount of money left over after all the costs of production have been paid |
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| the driving force that encourages individuals and organizations to improve their material-well being |
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| act of buyers and sellers freely and willingly engaging in market transactions |
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| movement to educate buyers about the purchases they make and to demand beter and safer products from manufacturers, affects you personally |
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| the promise made b the manufacturer or a seller to repair or replace a product within a certain time period if it is faulty |
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| respecting the rights of producers and sellers |
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| money income a person has left after all the taxes have been paid on it |
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| money left over after payin for neccesities |
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| set aside portion of income for a period of time so that it can be used later |
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| payment people recieve when they lend money or allow someone else to use their money |
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